The upcoming joint public hearings held by the U.S. House Financial Services Committee and the House Agriculture Committee would frame comprehensive legislation in the next two months to regulate the country’s crypto industry. The outcome of the hearings is set to pave the way for much-needed regulatory clarity in the industry.
According to the official website of the United States Congress, the hearing titled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets”, is scheduled for May 10, 2023, in Washington D.C. The hearing would see participation from the Subcommittee on Digital Assets, Financial Technology, and Inclusion and the Subcommittee on Commodity Markets, Digital Assets, and Rural Development.
The hearing’s memorandum revealed that several officials from high-profile crypto entities have been named as witnesses who would testify at the hearing later this month. The witnesses include Republic Crypto’s Head Andrew Durgee, crypto exchange Kraken’s Chief Legal Officer Marco Santori, and Daniel Schoenberger, the Chief Legal Officer of the Web3 Foundation.
However, the most anticipated witness is Matthew Kulkin, a partner at Futures and Derivatives Practice, Wilmer Cutler Pickering Hale and Dorr LLP who previously served as the Director of the U.S. Commodities and Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight.
Thinking Crypto on YouTube highlighted that the list of witnesses contained several individuals involved with the legal department at their firms. The legal theme might be indicative of a path toward comprehensive regulation for crypto in consultation with industry players. The memorandum acknowledged the lack of regulatory clarity and a clear framework for crypto while expressing support for blockchain technology and digital assets.
Patrick McHenry, the U.S. Representative for North Carolina’s 10th congressional district, stated in last month’s Consensus conference that a bill will be introduced in the next two months for cryptocurrencies that are classified as securities as well as those that are commodities. Rep. McHenry also serves as the Chairman of the House Committee on Financial Services which would oversee the above-mentioned hearings this month.
